Tilray (NASDAQ:TLRY) Stock Price Up 2.5% – Here’s Why

Tilray Inc (NASDAQ:TLRY) shares shot up 2.5% on Wednesday . The company traded as high as $0.84 and last traded at $0.83. 5,812,288 shares traded hands during trading, a decline of 88% from the average session volume of 46,856,586 shares. The stock had previously closed at $0.81.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group raised their price objective on Tilray from $2.00 to $3.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.70.

Tilray Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 1.58 and a current ratio of 2.54. The business’s 50 day simple moving average is $1.15 and its 200-day simple moving average is $1.44. The stock has a market capitalization of $752.00 million, a price-to-earnings ratio of -2.68 and a beta of 2.07.

Tilray (NASDAQ:TLRY) last posted its quarterly earnings data on Friday, January 10th. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.03) by ($0.07). The firm had revenue of $210.90 million for the quarter, compared to analysts’ expectations of $216.34 million. Tilray had a negative return on equity of 4.40% and a negative net margin of 30.95%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Research analysts anticipate that Tilray Inc will post -0.2 earnings per share for the current year.

Institutional Trading of Tilray

A number of hedge funds and other institutional investors have recently made changes to their positions in TLRY. BNP Paribas Financial Markets grew its holdings in Tilray by 1,314.1% during the third quarter. BNP Paribas Financial Markets now owns 1,819,494 shares of the company’s stock worth $3,202,000 after purchasing an additional 1,690,827 shares during the period. Point72 Asset Management L.P. bought a new stake in Tilray in the 3rd quarter valued at $1,348,000. Creative Planning lifted its holdings in Tilray by 36.6% during the 3rd quarter. Creative Planning now owns 141,921 shares of the company’s stock valued at $250,000 after purchasing an additional 38,054 shares during the last quarter. Barclays PLC boosted its position in Tilray by 600.4% during the third quarter. Barclays PLC now owns 204,144 shares of the company’s stock worth $359,000 after purchasing an additional 174,997 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in shares of Tilray by 335.3% in the third quarter. International Assets Investment Management LLC now owns 23,639 shares of the company’s stock valued at $42,000 after purchasing an additional 18,208 shares during the last quarter. 9.35% of the stock is currently owned by institutional investors and hedge funds.

About Tilray

Tilray, Inc engages in the research, cultivation, processing, and distribution of medical cannabis. The company offers its products in Argentina, Australia, Canada, Chile, Croatia, Cyprus, the Czech Republic, Germany, New Zealand, and South Africa. Tilray, Inc is headquartered in Canada.